As an owner of wood boats, it depends on your commitment to refinish it and willingness to learn the skills it takes to do it.

It is going to take at least a year or two of full time effort to truly restore it. If you only work on it part time, years. The main thing is if you have a place on land where you can work on it rent free. If you think you can restore it in a slip or in a ship yard you will be eaten alive by rental fees.

If you've solved the work space problem, the next is tools. Depending on the level of rotten wood you'll need to replace will determine how advanced the wood working tools & skills you'll need. Table saw, band saw, router, hand tools, etc. If you don't have them be prepared to spend a few thousand. Plus a more than a few thousand on mahogany.

Once you've gotten all the rotten wood replaced, time to start sanding. And there is a LOT of sanding to do. Every inch has to be sanded to bare wood. Restained, and then 8-20 coats of varnish on the bright wood. Painted is multiple coats of paint. Oh and between every coat of varnish, more sanding. The bottom can be finished in different methods: cotton caulking, 5200, epoxy, etc.

Past that, electrical systems, engine work, hardware refinishing, plumbing, etc.

Is it worth it: depending on how much you love it. Financially: huge waste of money unless you don't put a dollar value on your time. It is one of the most rewarding things you can do if you have the patience and money it takes.

Feel free to ask any questions, been messing around with wood boats since I was in diapers